Key Points
- CEO Joseph DeVivo sold 2,811 Butterfly Network shares at $10 each for $28,110. The Rule 10b5-1 transaction reduced his direct ownership by just 0.04%, leaving him with 7.35 million shares.
- Butterfly Network shares opened at $9.41 and were up 2.3%, near their 52-week high of $10.05. The stock has gained alongside increased institutional interest and positive coverage from Needham and TD Cowen, both of which maintain Buy ratings with $10 targets.
- The company exceeded quarterly revenue and EPS expectations, reporting $32.61 million in revenue and a loss of $0.01 per share. Despite the beat, Butterfly remains unprofitable, with a negative net margin of 66.74%, and analysts expect a full-year loss.
Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) CEO Joseph Devivo sold 2,811 shares of Butterfly Network stock in a transaction dated Tuesday, September 22nd. The stock was sold at an average price of $10.00, for a total value of $28,110.00. Following the transaction, the chief executive officer directly owned 7,350,889 shares in the company, valued at approximately $73,508,890. The trade was a 0.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Joseph Devivo also recently made the following trade(s):
- On Wednesday, September 23rd, Joseph Devivo sold 3,169 shares of Butterfly Network stock. The shares were sold at an average price of $10.02, for a total transaction of $31,753.38.
- On Monday, August 10th, Joseph Devivo sold 68,346 shares of Butterfly Network stock. The stock was sold at an average price of $10.01, for a total transaction of $684,143.46.
- On Monday, July 20th, Joseph Devivo sold 211,798 shares of Butterfly Network stock. The shares were sold at an average price of $6.56, for a total value of $1,389,394.88.
- On Tuesday, July 7th, Joseph Devivo sold 204,725 shares of Butterfly Network stock. The stock was sold at an average price of $7.87, for a total value of $1,611,185.75.
Butterfly Network Stock Up 2.3%
Shares of NYSE BFLY opened at $9.41 on Friday. The stock's fifty day simple moving average is $8.11 and its 200 day simple moving average is $6.29. The stock has a market capitalization of $2.51 billion, a price-to-earnings ratio of -32.45 and a beta of 2.08. Butterfly Network, Inc. has a 52-week low of $1.87 and a 52-week high of $10.05.
Butterfly Network (NYSE:BFLY - Get Free Report) last announced its earnings results on Thursday, July 30th. The company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.03. Butterfly Network had a negative return on equity of 33.99% and a negative net margin of 66.74%.The business had revenue of $32.61 million during the quarter, compared to the consensus estimate of $29.16 million. As a group, analysts anticipate that Butterfly Network, Inc. will post -0.18 earnings per share for the current year.
Key Butterfly Network News
Here are the key news stories impacting Butterfly Network this week:
- Positive Sentiment: Needham initiated coverage with a Buy rating and a $10 price target, providing fresh analyst support and suggesting additional upside from recent trading levels. Needham Initiates Butterfly Network at Buy With $10 Price Target
- Positive Sentiment: Institutional interest is reportedly increasing, with hedge fund holdings more than doubling in the latest coverage. That trend may reinforce investor confidence in Butterfly’s growth prospects and help explain the stock’s recent strength. Butterfly Network Gets New Buy Recommendation
- Positive Sentiment: Shares surged on above-average volume following the analyst upgrade, indicating strong market participation rather than a move driven solely by thin trading. Butterfly Network Surges 22 Percent
- Neutral Sentiment: Recent momentum may face a near-term hurdle from earnings-estimate trends. Zacks noted that the latest revisions may not support continued gains, creating a potential source of volatility despite the bullish analyst initiation. Zacks Butterfly Network Analysis
- Negative Sentiment: CEO Joseph DeVivo sold a combined 5,980 shares at approximately $10 per share. However, the sales reduced his direct ownership by only 0.08% and were executed under a Rule 10b5-1 plan, making them a relatively weak bearish signal. SEC Insider Transaction Filing
Hedge Funds Weigh In On Butterfly Network
A number of large investors have recently made changes to their positions in BFLY. Bank of America Corp DE lifted its position in Butterfly Network by 71.0% in the 1st quarter. Bank of America Corp DE now owns 4,165,222 shares of the company's stock worth $16,827,000 after buying an additional 1,728,938 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in shares of Butterfly Network during the 2nd quarter valued at $4,878,000. Dimensional Fund Advisors LP grew its holdings in shares of Butterfly Network by 30.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,358,181 shares of the company's stock valued at $9,524,000 after acquiring an additional 557,100 shares in the last quarter. Sei Investments Co. increased its stake in shares of Butterfly Network by 30.6% in the first quarter. Sei Investments Co. now owns 2,298,894 shares of the company's stock worth $9,288,000 after acquiring an additional 539,171 shares during the last quarter. Finally, Polen Capital Management LLC purchased a new stake in shares of Butterfly Network during the fourth quarter worth $1,797,000. Institutional investors and hedge funds own 37.85% of the company's stock.
Analyst Ratings Changes
Several research analysts have commented on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of Butterfly Network in a report on Monday, August 3rd. Needham & Company LLC initiated coverage on shares of Butterfly Network in a research note on Tuesday. They set a "buy" rating and a $10.00 target price on the stock. Finally, TD Cowen restated a "buy" rating and issued a $10.00 target price on shares of Butterfly Network in a report on Friday, September 11th. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Butterfly Network currently has a consensus rating of "Moderate Buy" and an average target price of $7.25.
Check Out Our Latest Report on Butterfly Network
About Butterfly Network
(
Get Free Report)
Butterfly Network, Inc develops portable, semiconductor-based ultrasound systems designed to make diagnostic imaging more accessible across hospitals, clinics, physician offices, emergency services and other care settings. Its technology uses a single handheld probe with software-enabled imaging capabilities, rather than requiring multiple dedicated ultrasound machines.
The company's product portfolio includes the Butterfly iQ, iQ+, and iQ3 handheld ultrasound devices, along with related software and cloud-based tools.
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